Glossary

By Category A to Z

A

Term/Acronym

Definition

Additional Insured

A person or organization not automatically included as an insured under an insurance policy, but for whom insured status is arranged, usually by endorsement (typically to comply with a contractual agreement requiring the named insured to do). As a state agency, VCU is not permitted to add other entities as additional insures to the Commonwealth’s self-insurance coverage

Authorized Approver

An Authorized Approver is an employee delegated the authority by the responsible Dean, Vice President, or as otherwise stipulated by policy or procedure. Approvals should always move up the chain of command from the payee, not down, to prevent a subordinate approving a supervisor's expense.

Auto Physical Damage Coverage

Collision and comprehensive (fire, flood, vandalism, windstorm, theft, and other causes of loss other collision or overturn and certain exclusions)

B

Term/Acronym

Definition

Base Point

The place, office or building where the traveler performs his or her duties on a routine basis

BoA

Bank of America

BVA

Best Value Acquisition

C

Term/Acronym

Definition

Certificate of Insurance

A document providing evidence that certain types of insurance coverage and limits have been purchased by the party required to furnish the certificate.

Collision Damage Waiver (CDW)

Also referred to as a loss damage waiver, an agreement with an auto rental company that releases the renter from liability for physical damage to the rental vehicle for a fee.

Commuting Mileage

The round-trip mileage traveled routinely by the employee between his residence and base point

Corpcard@vcu.edu

Email address used to contact the program administrators regarding P-card program

Credit Limit

The amount of money on your purchasing card account that you are able to spend during each billing cycle

D

Term/Acronym

Definition

DBE

Federal U.S. Department of Transportation’s Disadvantaged Business Enterprise program

Deductible

A portion of a covered loss that is not paid by the insurer. This amount is subtracted from the amount of the insurance recovery.

DoA

Commonwealth of Virginia’s Department of Accounts

DP

Direct Pay

DPS

Division of Purchases and Supply

DRM

Division of Risk Management

DSBSD

Virginia Department of Small Business and Supplier Diversity

E

Term/Acronym

Definition

EP

Electronic Procurement

eVA

Web-based purchasing system used by the state of Virginia

Event Insurance

Provides liability coverage for the sponsor of public or private events, such as concerts, festivals, conferences, trade shows, sporting events, etc.

Exclusion

A provision of an insurance policy or bond referring to hazards, perils, circumstances or property not covered by the policy.

I

Term/Acronym

Definition

ICA

Independent Contractor Agreement

IFB

Invitation for Bids

In-state Rates

Rates that include all locations in the state of Virginia

Integration

Real-time transfer of orders from eVA to Banner

Interface

Overnight upload of orders from eVA to Banner

International Travel

Travel to all areas outside of the 48 contiguous U.S. states, Alaska and Hawaii

J

Term/Acronym

Definition

JV

Journal Voucher

L

Term/Acronym

Definition

Liability

Any legally enforceable obligation. Within the context of insurance, the obligation to pay a monetary award for injury or damage caused by one’s negligent or statutorily prohibited action.

M

Term/Acronym

Definition

Malpractice

A professional error, omission, or act of negligence. Also, a term used to denote the type of professional liability insurance coverage written to cover physicians, accountants, lawyers, architects and engineers, among others

MBL

Metropolitan Business League

N

Term/Acronym

Definition

NAWBO

National Association of Women Business Owners

Negligence

The failure to use a degree of care considered reasonable under a given set of circumstances. Acts of either omission or commission, or both, may constitute negligence

Non-state Employee

Any individual who is not employed by the state who is conducting state business, including a member of any board or commission

O

Term/Acronym

Definition

Official Station

The area within a 25-mile radius of an employee’s base point

Out-of-State Rates

Rates that include all locations outside of the state of Virginia

Over the Counter (Point of Sale) Transaction

A transaction where your card is physically swiped through a vendor’s credit card processor

P

Term/Acronym

Definition

Pcard/CPC

Corporate Purchasing Card

PCO

Purchase Card Order

PO

Purchase Order

Program Administrator/PAT

VCU Corporate Chard Card Program Administrators

Public Transportation

Commercially scheduled airline, rail, bus or taxi (when necessary)

Q

Term/Acronym

Definition

QQ

Quick Quote

Quick Quote

A small dollar method of purchase

R

Term/Acronym

Definition

R01

eVA category for a purchase to eVA registered/non-registered vendors

Requisition

The Source Transaction for eVA Purchasing Activity

Reviewer

Individual responsible for reviewing and signing off on a cardholder’s monthly reconciliation

RFP

Request for Proposals

Risk Management

The process of making and implementing decisions that will minimize the adverse effects of losses on an organization.

S

Term/Acronym

Definition

State Employee

Any elected, appointed, classified or non-classified employee of the Commonwealth of Virginia

State Funds

Any funds deposited with the treasurer, whether derived from appropriation or from agency receipts

SWaM

Small, Women-Owned and Minority-Owned Business

T

Term/Acronym

Definition

TIN

Tax Id Number

Tort

A civil or private wrong, giving rise to legal liability

Transaction Limit

The maximum amount of money that may be spent on an individual transaction

Travel Status

Travel outside of an employee’s official station

V

Term/Acronym

Definition

V number

Unique vendor identification number in Banner

VACC

The Virginia Asian Chamber of Commerce

VASCUPP

Virginia Association of State College and University Purchasing Professionals